If you spend 35,000 yuan on a bank credit card, the minimum monthly repayment is 3,500 yuan, and you have to pay 525 yuan in interest every month. It has to be paid off in 12 months, and there are no late fees if you pay on time.

Relevant regulations require that the minimum credit card repayment is 10%, which is 3,500 yuan/month, and the interest is 5/10,000/day, which means the monthly interest is 525 yuan.

Minimum payment is a method of credit card repayment.

The minimum repayment amount = the unpaid portion of the minimum repayment amount of the previous period's bill + the overdraft balance of the current period's bill * 10%.

If the minimum repayment amount is repaid before the due payment date (inclusive), the card issuer will charge overdraft interest at a rate of 50,000 per day.

Credit card repayment methods

1. Full repayment means repayment in full before the repayment date. You can repay the amount of overdraft without interest.

2. Installment repayment, after applying to the bank for installment, monthly repayment = overdraft amount/number of installments + installment handling fee.

3. Minimum repayment, minimum repayment amount = the unpaid portion of the minimum repayment amount of the previous period's bill + the overdraft balance of the current period's bill * 10%.

What is a credit card?

A credit card, also called a credit card, is a non-cash transaction payment method and a financial payment tool provided by banks. Credit cards generally have the following rights and benefits:

1. Credit cards do not require guarantees and mortgages, and you can consume first and repay later. Cardholders who use bank funds to swipe their cards for consumption can enjoy the interest-free period as long as they repay the amount in full before the due payment date.

2. A credit card is not a debit card, and no interest will be charged on the money deposited into the credit card.

3. Credit card consumption can accumulate points according to the rules, and cardholders can use the points to redeem various point gifts.

4. Many high-end hotels require guests to use the pre-authorization function of their credit card, that is, pre-authorization is swiped at the front desk when checking into the hotel, and the pre-authorization is completed when leaving the hotel. It's inconvenient if you don't have a credit card.